Saturday 22 September 2018

ING’s chief financial officer quits after laundering scandal

Koos Timmermans, who is also a member of the bank’s executive board, is stepping down.

ING paid 775 million euros (£690 million) to settle the case (Steve Parsons/PA)
ING paid 775 million euros (£690 million) to settle the case (Steve Parsons/PA)

By Associated Press Reporter

The chief financial officer of Dutch bank ING has resigned following a money laundering scandal that led to a huge fine for the bank.

ING said Tuesday that Koos Timmermans, who is also a member of the bank’s executive board, was stepping down as ING moves to “further strengthen our handling of compliance risks”.

The Dutch financial prosecution service said last week that ING for years failed to adequately implement a law aimed at preventing money laundering and the financing of terrorism by not carrying out adequate checks on clients and not sufficiently investigating suspicious transactions.

ING paid 775 million euros (£690 million) to settle the case.

ING supervisory board chairman Hans Wijers said “we came to the conclusion it is appropriate that responsibility is taken at executive board level”.

Press Association

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